High Street Banks

Tirian

Different strokes for different folks, I guess. Replacing boiler might cost £3k or so? That's a couple of months of that extra cash.

If my car was off the road because a drink driver smashed into it, I would take what I could get for the insurance money and save up for the new car. You don't have to take out a loan to get a good relationship with your bank - I have a perfectly good relationship with mine and I've never taken one at all (much as they constantly try to get to do so ...)

In any case, £2k saved interest and no loan hanging over my head for five years would mean a lot more to me than some ethereal 'good relationship' with a bank that is only obtained on the basis of borrowing a big wonga of money from them. Believe me, that 'good relationship' consists only of lights on a computer screen - and if the OP has not missed any payments for six years, then it sounds like they probably don't have any problems in that respect anyway.

Anyway, it's a fairly moot point, since the OP has already taken the loan by the sounds. Guess we just have different outlooks - it's not that I would never take a loan - I would just always look for ways not to have to take a one if I didn't have to. And with £1500 spare a month, £18,000 really isn't really that big a sum to save.

aylithuk

Remember guys some of the people that have gone into debt here was because they were young and silly. You don't tend to make the same mistakes second time round unless your really stupid. Taking a loan out is fine as long as you know what your getting into. Remember the banks don't force you to take out loans, overdraft credit cards etc. It's your choice to sign on the dotted line and take on the debt.

Anyhow hope the new car last you a long time OP as they say poor people cannot afford to buy cheaply (or something like that

CHR15

I would never take out a loan which would take longer to repay than the enjoyment of a new car lasts.
I reckon that's about 3yrs.

After a year the novelty wears off, after two years, it is just "the car"
After three years I get fed up with it and want a different one.

To be stuck with repayments on a car I no longer like, would be a right pain...

noh

Tirian wrote: »

Not being funny, but if you £1500 a month spare, why not save for a year and buy the car outright, save yourself four years of repayments and goodness knows how much in interest?

Would be my way of doing things too.
Partly because of the interest but mainly because I have no way of knowing that my income would remain constant over the next 5 years.

one_hot_minute

Yeah I have to agree that jumping into 18k worth of debt the very day your bankruptcy falls off your file is a tad irresponsible. It does reek of kid in a candy store. Sorry.

aj2703

noh wrote: »

Would be my way of doing things too.
Partly because of the interest but mainly because I have no way of knowing that my income would remain constant over the next 5 years.

So you wouldn't get a mortgage then. I mean how could you know if your income is gonna remain constant over the next 25 years.

OP.

N1 being in debt is not a nice thing. It is your life and money. If you want to get a new car on a 18k loan then great.:beer: